Overview Key strengths Key risks A broad and geographically diverse portfolio of mountain resorts across North America, Australia, and Europe. Exposure to consumer discretionary and travel spending, which can be volatile over an economic cycle. A large and growing Epic Pass base that provides revenue visibility and reduces EBITDA volatility during periods of economic weakness and years with lower-than-average snowfall. Unfavorable weather and below-average snowfall, especially in key geographies, can lead to significant declines in visitation, revenue, and profitability. High barriers to entry and limited supply growth given the cost to develop mountain resorts. High fixed-cost structure of mountain resort operations can result in significantly lower margins if revenues decline. We forecast S&P Global Ratings-adjusted leverage of approximately 3x for
